Economic Efficiency in Law and Economics (Book).

Item request has been placed! ×
Item request cannot be made. ×
loading   Processing Request
  • Additional Information
    • Subject Terms:
    • Subject Terms:
    • Abstract:
      'Economic Efficiency in Law and Economics' by Richard O. Zerbe, Jr., is a very ambitious book with a rather unpretentious title. The reader gets some inkling that this is no ordinary law and economics text when the author introduces the concept of KHZ efficiency, as in Kaldor-Hicks-Zerbe efficiency. KHZ efficiency is the central organizing concept of the book, and the book's worth stands or falls on the usefulness of this concept. Before exploring KHZ efficiency in depth, Zerbe discusses the distinctions between equivalent variation, compensating variation, willingness to pay, and willingness to accept, and a detailed analysis of the strengths and weaknesses of the Kaldor-Hicks concept of efficiency. He also makes a useful distinction between transaction costs that relate to changing legal rules.